Shares of Exact Sciences Corporation (NASDAQ: EXAS) are on a notable increase today, following the announcement of a new licensing agreement. In the current market session, EXAS stock was trading 23.20% higher to a per share price of $56.28.
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Strategic Licensing Agreement with TwinStrand Biosciences
With TwinStrand Biosciences, Exact Sciences has secured the rights to their extensive patent portfolio in the field of cell-free nucleic acid sequencing through the signing of an exclusive license agreement. Patents licensed from the University of Washington and the University of Texas Southwestern are included in this portfolio.
TwinStrand’s Duplex Sequencing error-correction technology, which can increase next-generation sequencing precision by up to 10,000 times, is covered under the agreement. Thanks to this discovery, mutations at extremely low frequencies may now be found, which was previously impossible due to the inherent technical noise in sequencing operations.
Exact Sciences is granted permission to use, market, and sublicense the acquired intellectual property under the terms of this agreement. These rights are broadly exclusive concerning cell-free nucleic acid sequencing, though some non-exclusive relationships in the field will persist.
With this partnership, Exact Sciences’ mission to develop precision oncology and early cancer detection will take a major step forward. Exact Sciences is well-positioned to improve its capacity to find and supply very precise cancer diagnostic solutions to patients and healthcare providers worldwide by using TwinStrand’s state-of-the-art technology.
Impact on Exact Sciences’ Operations and Financial Performance
Furthermore, Exact Sciences has released strong quarterly results, with total sales of $699 million, representing an increase of 12% overall or 13% when looking at core revenue. This includes $532 million from Screening revenue and $168 million from Precision Oncology revenue.
During the quarter, EXAS screened over 1 million individuals with Cologuard and tested a record number of cancer patients with Oncotype DX. Significant advancements were also made in Exact Sciences’ pipeline, which now includes evidence for blood-based colorectal cancer screening assays, multi-cancer screening, and molecular residual disease.
Thanks to these favorable results, Exact Sciences was able to raise its full-year adjusted EBITDA estimate midpoint by $8 million and reiterate its sales guidance for 2024.
